Blockchain Revolution is an introduction to distributed ledger technology that lies behind cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Ripple and is likely to reshape the internet in areas as varied as finance, music, identity, remittances and intellectual property.
Blockchain Revolution Summary
Blockchain revolution is a comprehensive and accessible overview of a technical subject.
Written by Don Tapscott, author of Wikinomics and his son Alex, a blockchain expert, the book looks at how blockchain (distributed ledger technology) works and offers up some futurology for the way in which it is likely to reshape the digital economy for better or worse.
Below are some of the key insights from the book.
- Blockchain enables two strangers to trust each other without a third party interface.
- Among the principles of Blockchain design are: networked integrity, distributed power, security, privacy and inclusion of those otherwise unbanked or unserviced.
- Blockchain technology has the potential to reshape finance as it can eliminate not only the ‘double dollar’ problem but make financial transactions instantaneous and 100% transparent for auditing purposes.
- It is also highly like to reshape the nature of the firm as it will become ever more easy to work with freelancers and extract value outside hierarchical constructs – ref. Ronald Coarse’s theory re. The Firm
- Blockchain is also likely to disrupt existing digital powerhouses where one firm generates all the profit from a platform or network (e.g. bUber, bAirbnb)
- In developing nations, where many people operate without formal banking infrastructure, Blockchain has the ability to stimulate economic growth by providing micro-banking services to those seeking to grow.
- Blockchain is also a secure framework for improved democratic process with representative and direct democratic structures subject to improvement and greater voter involvement.
- The micropayment nature of cryptocurrencies has the potential to reshape the arts and cultural sector allowing musicians, artists and others the chance to profit directly from their streaming plays, downloads or advertising revenues – cutting out Spotify, Youtube and various other firms.
- Browsers like Brave could lead the way to everyday internet users centralising their profile on the blockchain, benefiting from advertising expenditure directly in exchange for consumer data.
- While the technology is messy and subject to government regulation, Blockchain represents the next big shift as the internet of information becomes the internet of value.